Inclusiveness and expansionary are keywords from Budget 2021, announced just today, with broad-reaching economic plans that aims to stimulate the economy, save jobs, businesses and livelihoods, while bringing socio-economic development to all Malaysians.
We welcome the allocation of RM1 billion to curb the third wave of COVID-19. We understand the urgent need for aid and support for the brave front liners who battle with the pandemic daily. We trust that the allocation will enhance critical preparedness, readiness and response of our front liners
The uncertainty caused by the pandemic has left many individuals and businesses in the lurch. Expanding the ongoing targeted repayment assistance for the B40 segment and micro enterprises will help people and businesses cope and navigate through this tough period.
Our role as a financial services provider is all the more crucial in a time like this in easing financial woes.
As facilitators of cross-border trade, we applaud the MYR1 billion special incentive package for high value-added technology which will no doubt continue to attract quality investments and add value to the country’s economy.
For companies looking at relocating to Malaysia, the extension of a special income tax relief for eligible non-resident individuals holding key positions for strategic new investments will be a considerable pull factor, on top of access to a diverse pool of talent and the country’s prime location in the heart of South-East Asia.
As a Bank that is at the forefront of digital banking, we support the government’s commitment in moving Malaysia towards a digital economy.
Bank Negara Malaysia’s RM 500 million fund for assisting companies in the high tech and innovative sectors and MDEC’s RM 100 million allocation will aid in creating a future-ready workforce and equipping people with the skills needed to thrive in the changing world of work.
We are also pleased to see the Government stepping up to provide a dedicated SME Digitalisation Grant and the Automation Grant of RM 150 million.
Such grants go beyond keeping businesses afloat by offsetting operational costs. They also help diversify business models, create better customer engagement and produce new revenue streams.
We are delighted to see the Government considering pathways to deliver a more sustainable and resilient future. The RM 20 million allocation to the Malaysia-SDG Trust Fund will be vital as priority will be given to those that tangibly promote the many facets of the UN’s Sustainable Development Goals, which we support wholeheartedly
Accelerating gender parity and empowering women are important to the Bank’s diversity and inclusion agenda. In this regard, we laud the government’s RM 145 million schemes to provide working capital to women entrepreneurs. Raising productivity and enhancing human capital amongst women are essential for a sustainable economic growth.
Commentary by Abrar A. Anwar, Managing Director and Chief Executive Officer, Standard Chartered Malaysia
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